Committee Reports > List of Committees > Dáil > 1963 > Committee of Public Accounts > Report - Appropriation Accounts 1961 - 1962

APPENDIX XXIX.

POST OFFICE SAVINGS BANK: INVESTMENT OF DEPOSITS.

Cléireach,

An Choiste um Chúntais Phoiblí.

At the proceedings of the Committee on 28th March, 1963, the representative of the Department of Finance undertook to furnish a note on the policy in connection with the investment of the funds of the Post Office Savings Bank.

The types of securities in which the Minister for Finance may invest the funds of the Post Office Savings Bank are prescribed by section 63 of the Finance Act, 1958. These consist in the main of Irish Government and Government-guaranteed securities and securities of the Governments of Britain, the U.S.A. and Canada.

Normally deposits in the Post Office Savings Bank have exceeded withdrawals and for some years past it has been the policy to hold investments to redemption and to invest all available funds in Irish Government and Government-guaranteed securities.

The Savings Bank funds carry the guarantee of the Central Fund and their solvency is further enhanced by the allocation of the annual surplus income to a depreciation reserve.

An Roinn Airgeadais.

9 Bealtaine, 1963.